A key measure of U.S. inflation accelerated in April to its highest level in three years, deepening the financial squeeze on American households less than six months before the midterm elections.
The Commerce Department said Thursday that the personal consumption expenditures price index rose 3.8% in April from a year earlier, up from 3.5% in March and the highest annual increase since May 2023. Prices rose 0.4% compared to the previous month, a slowdown from March's 0.7% jump but still above the pace Federal Reserve officials want to see as they try to bring inflation back to their 2% target.
